‘It is worrying’ - Vivy Yusof on impacts of economic crisis on fashion industry
The likelihood of a worldwide recession is rising as consumers deal with a variety of challenges like soaring inflation, supply-chain disruptions, the Russia-Ukraine conflict, and rising interest rates.
Not to forget, the fashion industry will likely be impacted by the global recession next year.
"It is worrying. From what I heard and read, next year will be a bad year and tough for everyone," said Malaysian entrepreneur Vivy Yusof.
In preparation for what is expected to be a tough year ahead, Vivy said she and her team are in the midst of preparing a business plan to ensure sustainability and profitability.
"InshaAllah, we will more focus on profitability and cleaning up the organisation; in terms of release outlook or aggressive expansion, next year is not a year," she told Sinar Daily at the book launch of ‘The First Decade’ by Vivy Yusof at the Colony, Star Boulevard, Kuala Lumpur.
"In business, we cannot have everything in one basket; we have to spread our channels and trust me, that helps a lot in any business cycle," she said.
In terms of products, she said that she and her team will come out with items that people really want, so that is the method by which people will think that they are buying something that is worth their penny.
"The year 2022 is a tough year for all businesses because of the pandemic, so what we can learn from this year is that we need to have adaptability, be comfortable with change, and make the changes fast," she said.
The 35-year-old fashion icon launched her book which details her journey from a blogger to an entrepreneur.
This book contains juicy parts where she held back on disclosing some details about her missteps, failures, and ups and downs as she navigated the business world.
‘The First Decade’ is now available in all major bookstores as of today.